The free and easy online tool helps small businesses find the right retirement plan
OAK BROOK, IL – October 3, 2019 – Millennium Trust Company, LLC (“Millennium Trust”), a leading provider of retirement and institutional services, launched its Retirement Savings Selector Tool for Small Businesses to help small employers and advisors find the right retirement savings option for their business and employees.
The Retirement Savings Selector Tool for Small Businesses was created in conjunction with Millennium Trust’s Workplace Savings Solutions to help small businesses identify a retirement savings option that may be a fit for their business by answering a few quick and easy questions. The results of the tool are determined based on factors such as how many employees the business has and how much the employer would like to contribute to the account.
“The Retirement Savings Selector Tool for Small Businesses is a completely agnostic resource,” said Vice President of Workplace Savings Solutions, Kevin Boyles. “We want to help businesses understand their workplace savings options, even if that leads them to something we are unable to directly support.”
According to the 2018 Millennium Trust Small Business Retirement Survey1, almost half (45 percent) of small businesses surveyed did not research a retirement savings option, and those that did research ultimately chose not to offer anything. This may often be due to perceived misconceptions related to size, cost and complexity, which are often associated with the assumption that a 401(k) plan is the only option.
“Many employers are aware that offering a retirement savings option would be beneficial to their employees,” added Boyles. “But, despite this interest in offering a retirement savings benefit, there is a significant lack of education surrounding alternative options, like SIMPLE, SEP and Payroll Deducted IRAs. This is why we developed the Retirement Savings Selector Tool to serve as an easy start to understanding what may be right for a small business and its employees.”
The Retirement Savings Selector Tool for Small Businesses generates which retirement savings option may be the best fit and lays out comparisons of each plan for small businesses to explore further. With as many as 55 million Americans working for an employer that does not offer a retirement plan, the digital tool and Workplace Savings Solutions product were created as part of Millennium Trust’s commitment to help close the retirement coverage gap and improve retirement readiness through access to workplace savings programs.
About Millennium Trust Company®
Millennium Trust Company is a leading provider of retirement and institutional services with over 1.2 million client accounts holding over $26 billion in assets. We are committed to the evolving needs of individuals and employers, advisors and retirement services partners and empower clients with trusted expertise, exceptional service and access to a wide range of solutions. Whether clients are managing corporate retirement assets, running a business or wanting choice beyond traditional asset options, we provide flexible and digital solutions to support our clients’ success.
Millennium Trust Company performs the duties of a directed custodian, and as such does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers, and does not sell investments or provide investment, legal, or tax advice. For more information about Millennium Trust Company, follow us on Twitter and LinkedIn.
1 The Millennium Trust Retirement Survey was commissioned by Millennium Trust Company, and conducted by CITE Research (www.citeresearch.com). The online survey was conducted among 500 decision makers at companies with less than 150 employees that do not offer any type of retirement savings option, and 500 employees who are working full-time at employers with no retirement savings option. The survey, one of the first of its kind to be conducted exclusively with employers that do not offer retirement benefits, was fielded between September 28 and October 8, 2018.